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DTN Early Word Opening Livestock       06/23 06:04
   Cattle Futures Should Open Mixed as Traders Position Ahead of Cattle on Feed

   Live and feeder contracts are likely to open on a mixed basis thanks to
residual selling and late-week profit-taking. Lean hog futures should also open
with uneven price action as specs and commercials position ahead of the weekend

By John Harrington
DTN Livestock Analyst

Cattle: Steady w/Wed   Futures: Mixed   Live Equiv $158.36  - $1.43*
Hogs:   Steady-$1 LR   Futures: Mixed   Lean Equiv $105.01  - $1.57**

* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue


   While trade volume totals look no better than moderate, we suspect cash
cattle trading is done for the week. While scattered clean-up business is
possible here and there, prices are unlikely to be any better than Thursday's
trade (e.g., $120 live). The June 1 Cattle on Feed report will be released
Friday afternoon at 2:00 p.m. CDT. Average trade guesses look like this: on
feed, up 2% to 3%; placed in May, up 10% to 11%; marketed in May, up 9% to 10%.
Live and feeder futures should open on a mixed basis as traders take profits,
engage in further long liquidation, and position ahead of on feed news.
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